Company registration number 12130260 (England and Wales)
ARGON HEALTH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
ARGON HEALTH LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ARGON HEALTH LTD
BALANCE SHEET
AS AT
30 JANUARY 2023
30 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
199
Investments
4
1
1
1
200
Current assets
Debtors
6
1,485,062
1,691
Cash at bank and in hand
451
794
1,485,513
2,485
Creditors: amounts falling due within one year
7
(576,669)
(14,920)
Net current assets/(liabilities)
908,844
(12,435)
Net assets/(liabilities)
908,845
(12,235)
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
908,545
(12,535)
Total equity
908,845
(12,235)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
R J Wilks
Director
Company Registration No. 12130260
ARGON HEALTH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JANUARY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 January 2021
300
(8,737)
(8,437)
Year ended 30 January 2022:
Loss and total comprehensive income for the year
-
(3,798)
(3,798)
Balance at 30 January 2022
300
(12,535)
(12,235)
Year ended 30 January 2023:
Profit and total comprehensive income for the year
-
1,201,080
1,201,080
Dividends
-
(280,000)
(280,000)
Balance at 30 January 2023
300
908,545
908,845
ARGON HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Argon Health Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Clavering House, Clavering Place, Newcastle upon Tyne, NE1 3NG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Income is recognised when contractal commitments have been met.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
ARGON HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
ARGON HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2023
- 5 -
3
Tangible fixed assets
Office equipment
£
Cost
At 31 January 2022 and 30 January 2023
597
Depreciation and impairment
At 31 January 2022
398
Depreciation charged in the year
199
At 30 January 2023
597
Carrying amount
At 30 January 2023
At 30 January 2022
199
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
5
Joint ventures
Details of the company's joint ventures at 30 January 2023 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
Argon Property Development Solutions Limited
Time Central, 32 Gallowgate, Newcastle Upon Tyne, Tyne And Wear, NE1 4BF
Ordinary £1
50.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,401
1,691
Prepayments and accrued income
1,483,661
1,485,062
1,691
ARGON HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,914
1,740
Amounts owed to undertakings in which the company has a participating interest
1
1
Corporation tax
279,180
Other creditors
293,824
11,584
Accruals and deferred income
1,750
1,595
576,669
14,920
Included within other creditors is a Director's loan account of £280,000 (2022 - £Nil)
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Other information
The company is related to Argon Properties Ltd by virtue of having common ownership and directors. During the year, Argon Health Ltd received advances totalling £2,240 (2022 - £4,100) from Argon Properties Ltd. At the year end, included within other creditors are amounts totalling £13,824 (2021 - £11,584) owed to Argon Properties Ltd.